"中国在贝伦气候峰会期间，与欧盟、巴西共同发起成立'碳排放权交易市场开放联盟'，以进一步推动 碳市场领域国际交流与合作。"当地时间11月11日，在COP30中国角举办的"中国碳市场高质量发展与经 验分享"主题边会上，中国气候谈判代表团团长、生态环境部副部长李高表示。 根据巴西政府在COP30主办方网站及欧盟委员会发布的联合声明，作为COP30提出的核心创新举措之 一，"碳排放权交易市场开放联盟"（Open Coalition on Compliance Carbon Markets）宣布成立，成员还 包括英国、加拿大、智利、亚美尼亚、赞比亚、法国、墨西哥和德国等。该联盟旨在建立一个跨国合作 框架，协调各国碳定价机制、排放交易体系及相关政策，实现"互通、透明与可信"的全球合规碳市场网 络。 李高表示，面向未来，中国愿分享在碳市场制度设计、系统建设、运营管理等方面经验，与各方互学互 鉴，为通过市场化机制有效应对全球气候变化作出中国贡献。在中国碳市场建设方面，李高介绍，《联 合国气候变化框架公约》及其《巴黎协定》明确了公平、共同但有区别的责任及各自能力原则。碳市场 没有统一的标准模式，应根据各自实际，探索符合国情的 ...

易方达基金ESG研究主管程杰与来自路博迈集团(Neuberger Berman)、淡马锡旗下星伟诺资产管理集团 (SevioraGroup)、印度DSP资产管理公司、PRI亚太区的代表展开研讨。程杰表示，ESG在亚洲虽然起步 相对较晚，但近年来监管体系不断完善，各类机制创新层出不穷。当前中国ESG在政策体系、数据可得 性、资管机构能力及企业意识等方面取得显著进展。在"双碳"目标推动下，中国的产业结构与金融体系 将进一步向绿色低碳转型，资管机构正从ESG理念和方法研究转向投资实践运用，公司治理改革成效也 逐渐显现，整体发展前景积极。 此外在分论坛环节，易方达基金与伊塔乌资管联合发布了《中国与巴西责任投资白皮书》，系统梳理了 两国在可持续信息披露、可持续分类标准、产品标准等领域的最新进展和实践案例。 中证报中证网讯(记者万宇)联合国负责任投资原则组织(PRI)主办的2025年全球负责任投资大会(PRI in Person，简称"PIP")近日在巴西圣保罗举行，今年的大会以"全球挑战、投资策略的韧性和投资机遇"为 主题。易方达基金是国内较早开展责任投资的资产管理机构，2017年首批加入PRI，持续开展深度ESG 投 ...

Core Viewpoint - The article emphasizes the importance of protecting minority shareholders' rights and building trust between domestic and foreign capital markets in China, highlighting the evolving landscape of corporate governance and shareholder services since the establishment of Ziding Shareholder Services in 2016 [1] Group 1: Trends in Corporate Governance - Three positive changes are driving governance upgrades in China's capital market: the regulatory system upgrade represented by the new "National Nine Articles" and the new Company Law, which significantly enhances legal protection for listed companies and shareholder rights; an increasing awareness among listed companies regarding sustainable information disclosure and investor relations management, particularly among state-owned enterprises, which are expected to achieve near-complete ESG report disclosure this year; and a rapid rise in the rights awareness of institutional investors, with more domestic investment institutions actively exercising voting rights and opposing harmful actions to long-term company value [2] Group 2: Shareholder Services Evolution - The concept of shareholder services is evolving, shifting from serving controlling or major shareholders to focusing on minority shareholders, with the core aim being to help them effectively exercise their rights within the legal framework, particularly their voting rights [2] Group 3: Neutrality and Professional Judgment - Ziding operates as a neutral third party, basing all voting recommendations on whether proposals genuinely align with minority shareholders' interests and contribute to long-term company value, emphasizing that their research reports serve facts and professional judgment rather than any specific shareholder group [3] Group 4: Bridging Information Gaps for Foreign Investors - Ziding has developed a digital platform to help investors track meeting agendas and proposal content, significantly improving the efficiency and accuracy of shareholder actions, while advancements in AI translation technology are lowering the barriers for foreign investors to understand Chinese disclosure materials [4][5] Group 5: Recommendations for Foreign Institutions - For foreign institutions planning to enter the Chinese market, three recommendations are provided: to understand the latest developments in Chinese laws and regulations, particularly the new Company Law that lowers the threshold for shareholder proposals; to utilize the increasingly comprehensive public information disclosure from listed companies; and to engage in active communication during investor engagement activities, especially with central state-owned enterprises [5]

Core Insights - The Nobel Prize fund has grown from 31 million kronor to nearly 6.8 billion kronor by the end of 2024, achieving a growth of approximately 220 times since its inception [1][2] - The Nobel Foundation employs a cautious investment strategy, aiming for an annual return of at least 3% adjusted for inflation, while maintaining balanced financial risk management [2][8] Investment Performance - The total asset value of the Nobel Foundation reached 67.97 billion kronor by the end of 2024, an increase of 5.64 billion kronor from 62.33 billion kronor at the end of 2023 [2] - The investment return for 2024 was 11.6%, with a five-year annualized return of 9.2% and a ten-year annualized return of 8.3% [2][8] Asset Allocation - As of the end of 2024, the investment portfolio consisted of 66 billion kronor, with allocations including equity funds (56%), real estate and infrastructure funds (9%), fixed income and cash (12%), and alternative assets (24%) [2][5] - The Nobel Foundation's expenditures for 2024 totaled 135.8 million kronor, with 55 million kronor allocated for prize money [2][3] External Management - The Nobel Foundation utilizes a range of external managers for its investments, including prominent firms such as BlackRock, Sequoia Capital, and Millennium Management [5][6] - The investment strategy is divided into four main categories: equities and private equity, real estate and infrastructure, hedge funds, and fixed income, managed by various external institutions [5][6] Governance and Responsible Investment - The investment committee of the Nobel Foundation is responsible for asset allocation decisions and the selection of external managers, focusing on their investment philosophy, performance history, and risk management systems [8][9] - The foundation adheres to the Principles for Responsible Investment (PRI), integrating environmental, social, and governance (ESG) considerations into its investment processes [8][9] Future Outlook - The Nobel Foundation anticipates advancements in investment management systems, potentially incorporating AI to enhance analysis and decision-making efficiency [9] - The foundation remains confident in its long-term capital preservation capabilities, focusing on structural trends and maintaining a balanced risk profile [9]

Core Insights - The Nobel Prize fund has grown from 31 million kronor to nearly 6.8 billion kronor by the end of 2024, achieving a growth of nearly 220 times since its inception in 1901 [1][2] - The Nobel Foundation employs a careful investment strategy that includes external management, diversified asset allocation, and responsible investment principles to ensure the sustainability of the prize fund [1][6] Investment Performance - The Nobel Foundation's total asset value reached 67.97 billion kronor by the end of 2024, an increase of 5.64 billion kronor from 62.33 billion kronor at the end of 2023 [2] - The annualized investment return over the past five years was 9.2%, with a return of 11.6% in 2024 [2][5] - The foundation aims for an average annual return of at least 3% after inflation adjustments to cover its expenses [2] Asset Allocation - As of the end of 2024, the Nobel Foundation's investment portfolio consisted of 66 billion kronor in various assets, including equity funds (56%), real estate and infrastructure funds (9%), fixed income and cash (12%), and alternative assets (24%) [2][3] - The foundation's investments are managed by external institutions, including BlackRock, Swedish Commercial Bank, Sequoia Capital, and several top hedge funds [3][4][5] Governance and Management - The Nobel Foundation's investment committee is responsible for asset allocation decisions and selecting external managers, focusing on their investment philosophy, performance history, and risk management [6] - The foundation adheres to the United Nations-supported Principles for Responsible Investment (PRI), integrating environmental, social, and governance (ESG) considerations into its investment processes [6][7] Future Outlook - The foundation's CFO expressed confidence in the long-term sustainability of the fund, emphasizing a balanced approach to risk and investment goals [7] - The potential integration of advanced systems and AI in investment management is anticipated to enhance decision-making and efficiency in the future [7]

Core Insights - The Nobel Prize fund has grown from an initial 31 million kronor to nearly 6.8 billion kronor by the end of 2024, achieving a growth of nearly 220 times since its inception [2][3] - The Nobel Foundation employs a robust investment strategy that includes external management, diversified asset allocation, and responsible investment principles to ensure the sustainability of the prize fund [1][3] Investment Strategy - The Nobel Foundation's investment portfolio is highly diversified, with 56% in equity funds, 9% in real estate and infrastructure funds, 12% in fixed income assets, and 24% in alternative assets [3] - The annualized investment return over the past five years has been 9.2%, with a return of 11.6% for 2024 [3] Financial Performance - As of the end of 2024, the total asset value of the Nobel Foundation reached 67.97 billion kronor, an increase of 5.64 billion kronor from the previous year [3] - The total expenditure for the Nobel Prize and operations in 2024 was 135.8 million kronor, with prize payouts amounting to 55 million kronor [7] External Management - The Nobel Foundation collaborates with various external managers, including BlackRock, Sequoia Capital, and other top-tier investment firms, to manage its assets [9][12] - The selection of external managers is based on their investment philosophy, historical performance, risk management systems, and commitment to responsible investment practices [15] Responsible Investment Principles - The Nobel Foundation is a signatory of the UN-supported Principles for Responsible Investment (PRI) and engages in annual dialogues with external managers regarding ESG criteria [15] - The foundation avoids investments in controversial sectors, including weapons manufacturing and coal production, adhering to a negative screening list [15] Future Outlook - The Nobel Foundation aims to achieve an average annual return of at least 3% adjusted for inflation, focusing on long-term structural trends while balancing risk and return [16]

Core Insights - The National Social Security Fund achieved a strong investment performance in 2024, with an investment income of 218.418 billion yuan and an investment return rate of 8.1% [1] - The total assets of the fund reached 3,322.462 billion yuan by the end of 2024, with domestic investments accounting for 86.82% and foreign investments for 13.18% [1] Investment Strategy - The fund adopted a "steady progress, promote stability through progress" strategy, maintaining a stable stock risk exposure and benefiting from the rebound in the A-share market [1] - There was an increased allocation to fixed-income assets, effectively capturing investment opportunities from the continuous decline in interest rates [1] - The fund actively increased equity investments and optimized overseas investment layouts to diversify risks and stabilize overall returns [1][2] Stock Investment - The fund remains optimistic about the long-term investment value of domestic stocks, leveraging its advantages as a long-term and patient capital [2] - It closely monitors capital market dynamics and regulatory policies to enhance its secondary asset allocation analysis framework [2] - The fund is advancing index investment initiatives and establishing index replication products to improve stock investment quality [2] Real Economy Investment - The fund is increasing investments in key sectors and major projects, supporting national strategies and regional coordinated development [2] - It emphasizes market-oriented and legal principles, utilizing long-term capital to support national strategies through various investment vehicles [2] Fixed Income Investment - The fund has strategically increased investments in bank deposits and domestic and foreign bonds, effectively utilizing fixed-income assets as a safety net [3] - It supports national strategies related to basic livelihoods, sustainable investments, and rural revitalization through targeted bond investments [3] Market Impact - The fund's stability, professionalism, and sustainability contribute to the smooth operation of the capital market and enhance market pricing efficiency [3] - It plays a crucial role in stabilizing market expectations and guiding resource allocation towards national strategic areas, especially in the context of an aging population [3]

Core Insights - The National Social Security Fund achieved a strong investment performance in 2024, with an investment income of 218.418 billion yuan and an investment return rate of 8.1% [1] - The total assets of the fund reached 3,322.462 billion yuan by the end of 2024, with domestic investments accounting for 86.82% and foreign investments 13.18% [1] Investment Strategy - The fund adopted a "steady progress, promote stability through progress" strategy, maintaining a stable stock risk exposure and benefiting from the rebound in the A-share market [1][2] - The fund emphasized long-term investment and value investment principles, enhancing its professional management capabilities to support the national social security system [2] Stock Investment - The fund remains optimistic about the long-term investment value of domestic stocks, leveraging its advantages as a long-term and patient capital [2] - It is actively improving its overseas stock research system and optimizing existing structures while adhering to risk prevention measures for foreign assets [2][3] Fixed Income Investment - The fund increased investments in bank deposits and domestic and foreign bonds, effectively utilizing fixed income assets as a safety net [3] - It supports national strategies related to basic livelihood, sustainable investment, and rural revitalization through targeted bond investments [3] Market Impact - The fund's strategic stability and proactive market engagement have contributed positively to market expectations and confidence amid external pressures and market volatility [3] - The fund plays a crucial role in the healthy development of the capital market by guiding resource allocation towards national strategic areas and stabilizing market expectations through long-term investments [3]

Core Insights - The National Social Security Fund (NSSF) achieved an investment income of 218.418 billion yuan with an investment return rate of 8.10% for the year, and a cumulative investment income of 1,900.998 billion yuan since its establishment [1][2][3] - The NSSF's investment strategy emphasizes long-term, value, and responsible investing, aligning with China's economic growth and national strategies [1][2] Investment Performance - The NSSF's average annual investment return since inception stands at 7.39%, reflecting a strong performance in the context of China's resilient economy [1][3] - The fund's asset allocation is heavily focused on domestic investments, with 86.82% of assets allocated to domestic markets by the end of 2024, creating a positive feedback loop between economic growth and fund appreciation [1][2] Policy Environment - Recent policy improvements, including the "National Nine Articles" and guidelines for promoting long-term capital market participation, have facilitated a more predictable and transparent market environment for the NSSF [2] - These policies support the NSSF's focus on long-term investments and value discovery, enhancing its operational framework [2] Strategic Alignment - The NSSF's investment decisions are closely aligned with national strategies, focusing on sectors such as renewable energy and rural revitalization, which are expected to yield stable long-term returns [2] - The fund's approach to investment not only captures policy-driven opportunities but also aims to achieve a balance between economic benefits and social value [2] Investment Operations - The NSSF employs a professional investment operation strategy, leveraging its long-term capital advantages to navigate market volatility effectively [3] - The fund's investment philosophy resonates with other long-term capital market participants, reinforcing stability in the capital market and supporting sustainable economic growth [3] Conclusion - The NSSF's investment success underscores the importance of synchronizing with China's economic trajectory and maintaining a commitment to value investing for sustained returns [3]

Core Insights - The National Social Security Fund (NSSF) reported a total asset value of 33,224.62 billion yuan for the year 2024, with direct investment assets accounting for 28.55% and entrusted investment assets for 71.45% of the total [1] - The fund achieved an investment income of 2,184.18 billion yuan in 2024, with an investment return rate of 8.10%, reflecting strong investment management capabilities in a volatile capital market [1][2] - The NSSF's investment strategy emphasizes long-term, value, and responsible investing, which has helped it navigate domestic and international pressures while maintaining stable growth [2][3] Investment Performance - The NSSF's investment income includes realized gains of 436.51 billion yuan (1.64% realized return) and fair value changes of trading assets amounting to 1,747.67 billion yuan [1] - Since its establishment, the fund has achieved an average annual investment return rate of 7.39%, with cumulative investment income reaching 19,009.98 billion yuan [1] Strategic Approach - The NSSF has adopted a "steady progress, promote stability through progress" strategy in response to market fluctuations, maintaining a stable risk exposure in equities to capitalize on the A-share market rebound [2] - The fund's management emphasizes the importance of long-term investment and the advantages of patient capital, particularly in the context of an aging population and the need to support the real economy [3]